SHANGHAI, July 28 (SMM) – LME base metals market on Tuesday fell back after constant gains. The US announced a poor consumer confidence data for July, and meanwhile the US dollar index increased to above 82. In this context, LME copper prices fell back from highs, down as low as USD 7,020/mt before ending at USD 7,085/mt, down USD 45/mt.
As SMM predicted, time is needed for LME copper prices to stabilize after standing above USD 7,000/mt. In China’s markets, downstream purchasing interest has been negatively affected after spot prices advanced above RMB 55,000/mt, and weak spot transactions will also affect price movements on the SHFE copper market. SMM believes that LME copper prices will fluctuate at USD 7,000/mt in the short term, and may test USD 7,200/mt.
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